Singapore Exchange Regulation (SGX RegCo) notes the 18 August 2023 press statement from the Securities Investors Association (Singapore) (SIAS) on ASTI Holdings Limited (ASTI) and disagreements between certain ASTI shareholders who are requisitioning an extraordinary general meeting (EGM) and the ASTI board of directors. In particular, SGX RegCo notes the conflicting views concerning the matter of whether the EGM has been validly convened. Nonetheless, SGX RegCo notes that SIAS has urged all ASTI shareholders to attend both the EGM on 22 August 2023 and the Annual General Meeting on 31 August 2023.
SGX RegCo would like to reiterate that where the shareholding threshold to requisition a general meeting has been met, the democratic process should, as a matter of principle, be allowed to proceed. As we have said in an April 2023 Regulator’s Column on “What boards and requisitionists should take note of in shareholder-requisitioned meetings”, all parties should work together to achieve the common goal of the successful conduct of a requisitioned meeting to address shareholders’ concerns. If the company feels such a requisitioned meeting should not proceed despite engagement with the requisitionists, it can seek a court ruling on the matter.
Given recent developments around requisitioned meetings, SGX RegCo intends to consult the market on proposed changes to the listing rules to effect our expectations on requisitioned meetings.
